Illinois 103rd Regular Session Status: Died 1 D cosponsors

HB 2429 — INC TX-RENTAL PAYMENTS

Last action — Referred to Rules Committee

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  1. ✓
    Introduced
  2. Died in session

This bill died with 103rd Regular Session. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Amends the Illinois Income Tax Act. Creates an income tax credit for individual taxpayers who rent a dwelling in Illinois for use as their principal place of residence. Provides that the credit shall be equal to 5% of the documented rental costs paid by such taxpayer during the taxable year on that dwelling. Effective immediately.

Bill Text

How this bill changes current law

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AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill establishes a new income tax credit for renters in Illinois.

  • 35 ILCS 5/234

    Sec. 234. Tax credit for residential rental payments. (a) Beginning with tax years ending on or after December 31, 2023, every individual taxpayer who rents a dwelling in Illinois for use as the individual's principal place of residence shall be entitled to a tax credit equal to 5% of the documented rental costs paid by the taxpayer during the taxable year on that dwelling. (b) To qualify for the credit under this Section, the taxpayer must meet the following requirements for the tax year in which the taxpayer is claiming the credit provided by this Section: (1) the taxpayer must have resided in Illinois for at least 183 days; (2) the taxpayer's federal adjusted gross income must not exceed 200% of the poverty guidelines updated periodically in the Federal Register by the United States Department of Health and Human Services under the authority of 42 U.S.C. 9902(2); (3) the total rental payments on the taxpayer's principal place of residence during the taxable year must exceed 30% of the taxpayer's federal adjusted gross income; and (4) the taxpayer must not be claimed as a dependent on someone else's tax return. (c) The credit provided by this Section does not apply to an individual who rents a dwelling that is exempt from Illinois property taxes. (d) The Department may establish by rule: (1) a maximum dollar amount of the credit, which may vary by regions of the State, based on fair market rents determined by the U.S. Department of Housing and Urban Development for purposes of the housing choice voucher program; (2) the requirements by which the taxpayer shall document rental payments; and (3) any schedules for forms necessary to meet the requirements of this Section. (e) In no event shall a credit under this Section reduce the taxpayer's liability to less than zero. If the amount of the credit exceeds the income tax liability for the applicable tax year, then the excess credit shall be refunded to the taxpayer. (f) This Section is exempt from the provisions of Section 250.

    This creates a new income tax credit for individual taxpayers renting a principal residence in Illinois.

Action History

  1. Referred to Rules Committee

  2. First Reading

  3. Filed with the Clerk by Rep. Will Guzzardi

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 182 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (182)

182 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation housing
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HB 2429 do?
Amends the Illinois Income Tax Act. Creates an income tax credit for individual taxpayers who rent a dwelling in Illinois for use as their principal place of residence. Provides that the credit shall be equal to 5% of the documented rental costs paid by such taxpayer during the taxable year on that dwelling. Effective immediately.
Who sponsors HB 2429?
HB 2429 is sponsored by Will Guzzardi (Democrat).
What is the current status of HB 2429?
This bill died with 103rd Regular Session. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 2429?
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